EUROPE GAS-Prices rebound slightly after losses

EUROPE GAS-Prices rebound slightly after losses

LONDON, Aug 6 (Reuters) – Dutch and British wholesale gas priced edged up on Tuesday, rebounding slightly after losses in the previous session, but supply remains healthy and demand largely flat.

The benchmark front-month contract at the Dutch TTF hub inched up 0.50 euro to 36.35 euros per megawatt hour (MWh), or around $11.60/mmBtu, by 0852 GMT, LSEG data showed.

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The Dutch October contract was 0.75 euro higher at 37.10 euros/MWh.

In the British market, the day-ahead contract was up 1.35 pence at 79.75 pence per therm.

Prices fell on Monday against a backdrop of falling global stock markets.

“Throughout yesterday’s session markets retraced some of last week’s overbought gains, trading in line with wider financial markets on looming concerns of global recession due to poor economic news from multiple countries,” said analysts at Northern Gas and Power.

The supply picture remains bearish, however, with expectations of improved liquefied natural gas (LNG) send-out and slightly higher Norwegian gas exports.

Total north-west LNG sendout is expected to rise today by 46 gigawatt hours per day (GWh/d) from yesterday to 961 GWh/d, LSEG data showed.

Total Norwegian export nominations are 4 million cubic metres (mcm) higher at 350 mcm/day. Maintenance outages at the Kollsnes gas processing plant and Troll field are scheduled to start on Aug. 10 with a reduction of 16 mcm/day and 17 mcm/day respectively

In the European carbon market, the benchmark contract rose by 1.07 euro to 69.80 euros per metric ton.

(Reporting by Nina Chestney)